US medical giants say Australia’s Pharmaceutical Benefits Scheme is an “egregious and discriminatory” program that Trump should target in the next wave of tariffs.
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Australian needs to tell ‘em to go fuck themselves.
Albo will tell 'em to get stuffed.
I need an ELI5 on this. I’m really dumb when it comes to politics and its jargon. I’ve read the article but I’m not sure I understand. Let’s see: Australia buys medicine from US and sells it a a really low price as part of its healthcare support scheme. So US now will increase these prices as a penalty of sorts? So Australia is forced to increase prices domestically? Is that right?
It sounds like the single payer system in Australia saves its citizens money by negotiating competitive rates, and US drug companies don’t like that they can’t extort them like they can US patients.
Yeah that’s what I was thinking. Insulin costs $7 in Australia vs $98 in the US. I’m guessing US drug companies want the cost in Australia to go up so US doesn’t look as bad in comparison
its per vial to, besides that the slow, delayed and fast release insulin are more expensive too.
https://en.wikipedia.org/wiki/Pharmaceutical_Benefits_Scheme
The Pharmaceutical Benefits Scheme (PBS) is a program of the Australian Government that subsidises prescription medication for Australian citizens and permanent residents, as well as international visitors covered by a reciprocal health care agreement.
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The cost of a medication is negotiated between the government, through the Department of Health, and the supplier of the drug. The agreed price becomes the basis of the dispensed price of the medication which is negotiated between the government and the Pharmacy Guild of Australia under the current Community Pharmacy Agreement. The dispensed price includes the wholesaler’s markup, pharmacist’s markup, and a dispensing fee. Pharmacies purchase PBS-listed drugs from the wholesaler or supplier, and claim the difference between the dispensed price and the patient co-payment contribution from Medicare Australia.
